Mr Williams, a partner at Grant Thornton, said: “We are now in the early stages of engaging with the parties that have registered an interest in the business with the provision of initial information about the opportunity.

“Based on the interest received, that process is likely to take a number of weeks with credible parties moving into a more detailed due diligence phase in early November.”

Initially the administrators’ priority was to stabilise the firm, which supplies panels to car makers including Jaguar Land Rover, Renault and General Motors.

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Mr Williams added: “Since our appointment we have reached agreement with the key customers around the terms of ongoing trading, and we are continuing to work with suppliers to ensure deliveries of essential supplies continue.”

Mr Williams revealed that three people had been made redundant and a decision had also been taken to terminate some consultancy agreements.

He said: “Following our initial review of the cost base, we have made a small number of redundancies and ended a number of consultancy agreements, which will have no impact on the day-to-day operations of the business.”

Covpress, based in Burnsall Road, has grown significantly since its majority shareholding acquisition by Chinese company Shandong Yongtai Group in 2013 in a £30million deal.

Part of its growth saw it acquire the nearby Honda supplier UYT, renamed Covpress Assembly, in a move that safeguarded 400 jobs at the time. Covpress Assembly is not subject to the administration.